Referring to statements of today, 26, 17 and 12 March regarding Approval of Annual Accounts 2008 and bonus issue the Supervisory Board made the following decisions at its meetings on 26 March 2009:
1. Increase in the bank's primary capital by way of bonus issue.
The primary capital is increased by NOK 374 516 725 from NOK 1 872 583 625 to NOK 2 247 100 350 by issuing 14 980 669 new primary capital certificates (bonus certificates).
This bonus issue is implemented by transferring NOK 324 516 725 from the equalisation reserve and NOK 50 mill from the premium reserve.
The nominal value of the new primary capital certificates shall be NOK 25 each.
A total of 14 980 669 new primary capital certificates of NOK 25 each shall be issued so that 5 old primary capital certificates entitle the holder to one new primary capital certificate. Allotment of the new certificates will be based on the number of primary capital certificates the individual holder has on the day the Supervisory Board adopts its resolution, namely 26 March 2009. Subsequent to the bonus issue, the number of primary capital certificates issued will
be 89 884 014.
Primary capital certificate holders who, on the basis of the above, have primary capital certificates for which no new primary capital certificate will be issued will be entitled to a partial certificate for the excess primary capital certificates. On behalf of these owners, the bank will sell the primary capital certificates held by partial certificate holders. The sale will take place on the first trading day after the bonus issue has been registered in VPS (The Norwegian Central Securities Depository). The relative share of the sales price that the individual partial certificate holder is entitled to will be credited to his/her VPS account as soon as is practicably possible.
The new primary capital certificates will have the same priority as existing primary capital certificates.
The new primary capital certificates will entitle the holder to dividends from the 2009 accounting year and other rights from the date the increase in capital is registered in the Register of
2. Amendments to Chapter. 2 section 2.1 first sub-section of the above, the bank's Articles of Association.
On the basis of the above the Chapter 2, section 2.1, first sub-section of the bank's Articles of Association will be amended from:
"The savings bank's primary capital is NOK 1 872 583 625 divided into 74 903 345 primary capital certificates of NOK 25 each, fully paid."
"The savings bank's primary capital is NOK 2 247 100 350 divided into 89 884 014 primary capital certificates of NOK 25 each, fully Paid.
SpareBank 1 SR-Bank is Norway’s second largest savings bank and operates in the Rogaland, Agder and Hordaland markets. We provide financial products and services, including loans and deposits, mutual funds and asset management, insurance and pension savings, payment and financing services, real estate brokerage and services related to the money and capital market. The head office is in Stavanger.